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20130201
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hill. the senate will decide whether to put off the debate over the debt ceiling until spring. it will vote on a bill to allow government to keep borrowing money without congress' permission until the middle of may. the house already passed the legislation. president obama said he will sign it if the senate fails -- rather, if it fails in the senate. the treasury warns the government may not be able to pay its bills in a matter of weeks. >>> 4:34. chuck hagel will tell a senate committee why he should be the next defense secretary. the senate armed services committee will hold hagel's confirmation hearing. the former republican senator and vietnam veteran will likely face tough questions, especially about his stance on israel and iran. he prepared by meeting privately with more than 50 senators and leaders of public interest groups. >>> right now, vice president biden is preparing for his first trip overseas for the obama administration's second term. he leaves today for europe. the white house says he'll visit germany, france, and the u.k. the vice president's first stop will
warned the country could default on some loans as early as next month if the debt ceiling isn't lifted. >>> 6:48 now. a local company reporting major losses. they say the reason is defense cuts. cnbc has more live. kayla, good morning. >>> good morning, aaron. general dynamics, one of the nation's biggest federal contractors, reported a huge quarterly loss on wednesday, blaming it largely on defense cuts. the company which is based in falls church, virginia, posted a $2 billion fourth quarter loss on lower than expected sales as shrinking government orders and writedowns hammered the maker of weapon and aircraft. stock dropped as much as 5% in trading before recovering to close up about 1%. analyst attribute that to reassuring comments from the company ceo. >>> the washington's dependence on government and defense contracts makes it vulnerable to the spending cuts put in place by president obama and congress between 2000 and 2010. government procurement spending grew by double digits. last year it fell by more than 5%. back to you. >> thank you. >>> redskins players are being warn good
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